An option contract is when a buyer has the right to buy a property at an agreed price within the next six months or within the stated time period.
A real estate option contract is, in its most basic sense, a specially created contract that only exists between the seller and the buyer. In this contract, the seller grants the buyer the option to acquire the property at a set price and within a specified time frame.
To put it another way, an option contract is a specific contract that grants a buyer the sole right to buy a certain piece of real estate. What about this arrangement most interests you? Once this option is active, the seller of the property is prohibited from making any other offers on it until the predetermined time period has passed.
Under an option contract, the buyer has the choice to buy the property, but they are in no way required to do so.
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